By Cristal Cody
Eureka Springs, Ark., July 11 – Mariner Investment Group, LLC priced a $503.4 million collateralized loan obligation transaction, according to a market source.
Mariner CLO 2016-3 LLC sold $330 million of class A floating-rate notes at Libor plus 159 basis points; $55 million of class B floating-rate notes at Libor plus 200 bps; $30 million of class C floating-rate notes at Libor plus 290 bps; $25 million of class D floating-rate notes at Libor plus 400 bps; $20 million of class E floating-rate notes at Libor plus 700 bps and $43.4 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Mariner Investment Group brought its first CLO deal in December 2014 and priced one CLO offering in 2015.
The alternative asset management firm is based in New York City.
| Issuer: | Mariner CLO 2016-3 LLC
|
| Amount: | $503.4 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Mariner Investment Group, LLC
|
| Pricing date: | June 30
|
|
|
| Class A notes
|
| Amount: | $330 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 159 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB expected
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB expected
|
|
|
| Equity
|
| Amount: | $43.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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